Nordic American Tankers (NYSE:NAT) Lowered to “Hold” at Zacks Investment Research

Nordic American Tankers (NYSE:NATGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “Nordic American Tankers operates one of the largest fleets of Suezmax tankers in the world. The fleet consists of 24 Suezmax tankers, including 2 newbuilds. “

Separately, Jefferies Financial Group started coverage on shares of Nordic American Tankers in a research note on Wednesday, April 27th. They issued a “hold” rating and a $2.50 price target on the stock. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $3.19.

NYSE:NAT opened at $2.16 on Tuesday. The company’s 50-day moving average price is $2.47 and its 200-day moving average price is $2.03. The company has a current ratio of 1.58, a quick ratio of 1.27 and a debt-to-equity ratio of 0.57. The company has a market cap of $417.87 million, a P/E ratio of -3.04 and a beta of 0.07. Nordic American Tankers has a twelve month low of $1.40 and a twelve month high of $3.64.

A number of hedge funds have recently modified their holdings of the business. Citigroup Inc. raised its stake in Nordic American Tankers by 126.4% during the third quarter. Citigroup Inc. now owns 17,382 shares of the shipping company’s stock worth $44,000 after purchasing an additional 9,704 shares during the period. California State Teachers Retirement System increased its position in shares of Nordic American Tankers by 13.6% during the fourth quarter. California State Teachers Retirement System now owns 92,291 shares of the shipping company’s stock valued at $156,000 after acquiring an additional 11,084 shares during the last quarter. Kestra Private Wealth Services LLC acquired a new stake in shares of Nordic American Tankers during the first quarter valued at about $25,000. Huntington National Bank increased its position in shares of Nordic American Tankers by 89.5% during the first quarter. Huntington National Bank now owns 24,824 shares of the shipping company’s stock valued at $53,000 after acquiring an additional 11,723 shares during the last quarter. Finally, Prospera Financial Services Inc acquired a new stake in shares of Nordic American Tankers during the first quarter valued at about $30,000. 28.47% of the stock is currently owned by institutional investors.

About Nordic American Tankers (Get Rating)

Nordic American Tankers Limited, a tanker company, acquires and charters double-hull tankers in Bermuda and internationally. It operates a fleet of 25 Suezmax crude oil tankers. The company was formerly known as Nordic American Tanker Shipping Limited and changed its name to Nordic American Tankers Limited in June 2011.

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